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Nilanjan Dey

Kolkata , June 16

NOT much has changed in the league tables of top investment bankers handling debt placements by development finance institutions (DFIs) and miscellaneous Government organisations in the last couple of years.

A survey of the records for 2003-04 and 2004-05 establishes that the sequence of the top three names - AK Capital, UTI Bank and Allianz - has remained the same for both periods.

There have been, however, significant variations on a few other fronts, according to figures collated by Prime Database.

The number of issues by DFIs and Government outfits, which stood at 182 in April 2003 and March 2004, declined to 156 this year.

The amount of money involved also changed from Rs 40,962 crore to Rs 41,517 crore.

For AK Cap, which has emerged as the top player for both years, the share of the pie changed from 25.6 per cent during 2003-04 to 34.5 per cent in 2004-05. The company handled 57 issues in the last fiscal, compared to 61 issues in the previous year.

UTI Bank, which accounted for 32.3 per cent of the segment, was mandated for 33 cases, marginally higher than the 31 issues it worked on last year.

The two corresponding figures for Allianz were 47 and 45 respectively.

The top 10 players (including SBI Caps, RR Financial, and Darashaw) commanded a huge chunk of the market, collectively accounting for the bulk of the issues.

Of them, ICICI Securities had the highest number of mandates as the sole arranger during 2004-05. The 23 issues handled by it solely compared well with the 19 logged by Allianz.

Next in line were Centrum (with 18 mandates as sole arranger), AK Cap (16), SPA Merchant (16), and Standard Chartered Bank (16).

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